More testing! Tonight I installed Windows 3.11 + some other Windows stuff.
The install method was simple, I mounted both an empty folder as C: and a folder containing the Windows installation files plus the other stuff I tried as D:
Here are my impressions:
Windows 3.11 --> Works flawlessly, even with EMS enabled. The install process was way faster than in 0.65, and even faster than in a real Pentium machine.
Excel 5 --> I kept expecting an error message (it complained of lacking SHARE.EXE installed in previous versions), but works fine as well.

Lotus AmiPro 3 --> Fine. This was my favourite word processor in the old days and it's still worth a look.
Video for Windows 1.1 --> No problem, I just need some aVI to test it properly.
WinG --> Flawless.
Win32s --> This one DOES complain of missing SHARE.EXE, but installation can be resumed anyway, and the only Win32 application I do have, Freecell, works fine.
SB16 drivers: Didn't try, I settled with the Soundblaster 1.5 drivers that come with Windows.
S3 drivers: I didn't test the different res. in depth, but I settled with 640x480 with 16,7 million colours.
Here's my current desktop:
